Tips for the first time Gen Y buyers

Millennials, also known as Gen Ys, are particularly renown for one attribute: their ability to adapt, and to do it well. Born between 1980 and 1995, millennials grew up career minded and focused on building a solid foundation within the real world.

Given this, it’s no surprise that when gravitating to the housing market they’re able to think outside of conventional norms. However, first time homebuyers within the millennial mix can get a little nervous, and that’s pretty natural. Gen Ys are different than other generations; in all likelihood, their parents are siblings bought houses at an earlier age, so the task can initially be a little intimidating.

We think each generation should play to their strengths, so we’ve revised this list of cool tips so Gen Ys can get ahead when purchasing their first home:

Always buy new

Hands down, buying new is low maintenance so you can be more high maintenance. When you buy new you spare yourself the annoyance of renovating and repairing your place. Instead, you can switch up that valuable time for decorating and making your place a masterpiece— whether you plan to rent it out or not. In today’s competitive market it’s important to make your place edgy and out there, so instead of getting vexed, splurge on decorating, furnishings and creating a cool space.

Think toward the future

Sure, you’re young and hip, but don’t forget about tailoring your pad to a wide demographic. Make your home versatile by focusing on layouts that work for both the young and old. Older people will benefit by having easily accessible bedrooms and bathrooms, and remember that kids like a lot of space! Integrating some privacy into your home can be great for kids who end up maturing into teens and young adults, so remember that too.

Be money minded

It seems obvious, but if you don’t do this one right then you might commit a financial faux pas. First of all, save up so you can buy your home sooner rather than later; you don’t want to miss out on today’s record low interest rates. Have your budget ready…and written down. Write your expenses up in a planner and see where you can cut costs in your everyday life. Do you really need that latte? Consider your living arrangement. Do you need to move in with your parents short term to maximize your moolah? Could you take on some roomies to save a few bucks? And as mentioned before, play to your strengths! You’re tech savvy so research the best apps and capitalize on every cent you own.

Good luck Gen Ys and let the future housing market be with you.

Cristy Houghton